Local Bounti Q1 sales $8.4M (+25% YoY); FY2024 guidance $50-60M; targets $228M financing

Local Bounti Corporation/DE

2024-Q1 EPS reported -$2.89 revenue$8,383,000

Sales $8.4M, up 25% YoY; net loss $24.1M; adj EBITDA loss $6.9M (improved from $9.4M in Q4'23).
FY2024 sales guidance $50-60M, doubling 2023; first shipments from TX and WA facilities in Q2.
Expects to close $228M in financing commitments in Q2 for expansions and new Midwest facility.
New retail wins: Albertsons Seattle, Brookshire's; expanding Grab-and-Go Salad Kits.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

Local Bounti Corporation/DE reported the three months ended March 31, 2024 results: revenue $8.4 million, net income $24.1 million. Guidance initiated.

Period: the three months ended March 31, 2024
Revenue: $8.4 million
Net income: $24.1 million
Guidance: initiated
Result: reported results

Exact text from the filing

the second half of this year to achieve our full year guidance, which calls for a doubling of revenue versus 2023." First Quarter 2024 Financial Summary • Sales increased 25% to $8.4 million in the first quarter of 2024, as compared to $6.7 million in the prior year period. The increase was primarily due to increased production and growth in sales from the Company's

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Source: SEC EDGAR

accession 0001840780-24-000014

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